US Freezes $344 Million in Tether's USDT, Citing 'Economic Fury' Against Iranian Regime

On Friday, the US Treasury Department announced the freezing of $344 million in cryptocurrency as part of a broader effort to disrupt financial networks linked to Iran. According to Treasury Secretary Scott Bessent, the Office of Foreign Assets Control (OFAC) has imposed sanctions on multiple cryptocurrency wallets tied to Iran, resulting in the freeze. Bessent stated that the US will track and target all financial channels supporting the Iranian regime as part of the 'Economic Fury' campaign. This move follows Tether's decision to blacklist two blockchain addresses holding $344 million in USDT. The sanctioned wallets allegedly showed significant connections to the Iranian regime, including transactions with Iranian exchanges and links to the Central Bank of Iran. The Treasury Department believes Iran's central bank is utilizing digital assets to conceal cross-border transactions. Authorities claim that Iran has increasingly relied on cryptocurrency to bypass restrictions, using complex transaction patterns to obscure its involvement in cross-border payments and support trade flows under sanctions pressure. The US is working with blockchain analytics firms and financial institutions to track illicit flows tied to sanctioned entities, and has also sanctioned a China-based refinery for its role in Iran's oil economy.